Consumers have reduced their discretionary purchases, owing to economic uncertainties and high inflation. Early projections by manufacturers proved to be overly optimistic, as sales of consumer electronics have declined further.
This report comes in PPT.
The global economic slowdown, inflation and rising interest rates have impacted consumer sentiment, leading consumers to rethink discretionary purchases and cut down on purchases of electronics products in 2023.
Manufacturers are focusing on high-end models with higher margins to protect their profits, leading to fewer affordable options.
Manufacturers are also launching affordable flagship models to appeal to consumers who are seeking leading-edge features without the high cost associated with flagship models. Consumers are looking for more affordable alternatives without breaking the bank.
China’s economic slowdown is impacting consumer spending, leading to a decline in electronics sales, especially for mature categories like TVs and laptops. However, Chinese consumers are still keen on budget-friendly products, like true wireless stereo (TWS) earbuds.
Consumer Electronics refers to the sales of Computers and Peripherals, In-Home Consumer Electronics, In-Car Entertainment and Portable Consumer Electronics to the end consumer.
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